Although Portugal was one of several countries that had to seek help during the financial crisis that swept across much of the world from 2007/08 onwards, things are now looking rather different for the Iberian country. Chris White, founding director of boutique estate agency Ideal Homes Portugal, says,
“Obviously Portugal has gone through some tough times, but the country has worked hard to put the bailout money to good use and has turned its fortunes around over the past four to five years. It has been a struggle at times, with austerity measures impacting deeply on the people’s psyche as well as their pockets, but the results of that effort are now beginning to become clear.
“Certainly in terms of the housing market we can feel the quiet new confidence that the country is emanating. Property transactions are on the up and though buyers are more cautious than they used to be the market is definitely reviving nicely. Demand from overseas buyers is supporting the newly flourishing market, with British and Irish buyers keen to pick up their piece of Portugal before prices go up much further.
“Already, many of the bargains that have typified the market over the past couple of years have been snapped up, though there are still some excellent deals to be made if you know where to look. You can tell that the toughest economic times are beginning to fade out of sight in Portugal’s rear view mirror and the overseas input into the property market is helping to generate a new confidence here.”
Indeed, Knight Frank has seen a 51% increase in interest in the Algarve in the past year to April 2015 than the previous period. Christian de Meillac, head of Knight Frank’s Portugal Desk, says,
“Buyers are still predominantly British but we have seen a surge in interest from France, Switzerland and Scandinavia. Prices are down 20-30% since 2008 but appear to be stabilising as sales are on the rise.”
Praia Da Luz, Algarve
This cliff-top property overlooking Luz has unrivalled views over the sea. Just minutes to the beach this villa combines contemporary interiors and cutting edge architecture. It includes five bedrooms and bathrooms, three reception rooms and a kitchen, all featuring high ceilings with open style, inside/outside living. The villa’s innovative design uses the contours of the land to create the impression of a single level property projecting unsupported from the hillside.
Plot 8,600m2 Built 602m2 £2.6m / €3.7m / $4m
Knight Frank +44 (0)20 7629 8171
